Examples of Substitute Limited Partner in a sentence

Each Substitute Limited Partner shall be deemed an Additional Limited Partner whose admission as an Additional Limited Partner has been approved in writing by the General Partner for all purposes hereunder.
The General Partner shall, however, have the right to consent to the admission of a Permitted Transferee of the Partnership Interest of a Limited Partner pursuant to this Section 11.4 as a Substitute Limited Partner, which consent may be given or withheld by the General Partner in its sole and absolute discretion.
Unless admitted as a Substitute Limited Partner, no transferee, whether by a voluntary transfer, by operation of law or otherwise, shall have rights hereunder, other than the rights of an Assignee as provided in Section 11.5.
If the General Partner, in its sole and absolute discretion, does not consent (subject to the proviso in Section 9.6(a)(i)) to the admission of any transferee of any Partnership Interest as a Substitute Limited Partner in connection with a Transfer permitted by Section 9.5, such transferee shall be considered an assignee for the purposes of this Agreement.
The Capital Account of the former Investor attributable to transferred Units shall be credited to the Capital Account of the Substitute Limited Partner.

More Definitions of Substitute Limited Partner

Substitute Limited Partner means any transferee of a Limited Partner’s interest in the Fund that has been admitted to the Fund as a Limited Partner by virtue of such transferee receiving all or a portion of a Partnership Interest from a Partner.

Substitute Limited Partner means any Investor who has elected to convert from an Investor to a Limited Partner pursuant to Section 7.5 of this Agreement.

Substitute Limited Partner a Limited Partner who is admitted as a Substitute Limited Partner in conformity with the provisions of Section 10.1.

Substitute Limited Partner means a Person who is admitted as a Limited Partner to the Partnership in place of and with all the rights and obligations of a Limited Partner.”.

Substitute Limited Partner means a Person who is the assignee or transferee, in whole or in part, of a Limited Partner's Interest in the Partnership, who is admitted to the Partnership as a Limited Partner in accordance with Section 7.3 hereof, and who is listed as such on the books and records of the Partnership.

Substitute Limited Partner means any Person admitted to the Partnership as a Limited Partner pursuant to Section 9.03 hereof. “Successor Entity” has the meaning set forth in the definition of “Conversion Factor” contained herein.